Financial Services
CBN waives guarantor requirement for N50 billion COVID-19 loan applications
Applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards.
Published
9 months agoon
The Central Bank of Nigeria (CBN) announced this evening that households and SMEs applying for the N50 billion COVID-19 Targeted Credit Facility would not be required to provide guarantors before the can access they can access the credit facility.
This is according to a very brief press statement that was posted on Twitter. The statement did not give any reason for the waiver.
READ MORE: 5 rules that Dangote has Adopted from The 48 Laws of Power
CBN waives the requirement for the provision of guarantors by Households and SMEs applying for its N50bn COVID-19 Targeted Credit Facility
— Central Bank of Nigeria (@cenbank) June 8, 2020
All applicants to the N50 billion credit facility, who have successfully completed the application processes and submitted their account details, should expect credit alerts 48 hours afterwards. If an applicant does not receive credit alert after 48 hours of submitting their account details, such an applicant should contact the CBN by calling 09010026900.
READ ALSO: Nigeria’s tier-1 banks earn N18.4 billion from account maintenance charges in Q1 2020
“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900.”
Successful applicants who are yet to receive their loans have been advised to visit here. Such applicants were also informed to submit “their account details in any bank of their choice.”
Recall that the CBN N50 COVID-19 billion Targeted Credit Facility was unveiled by the apex bank in response to the Coronavirus pandemic. The credit facility is aimed at providing financial relief to households and small businesses as they cope with the economic fallouts of the pandemic.
Nairametrics earlier reported that loan disbursements would be determined based on the activity, cashflow, and industry size of the beneficiaries. Each eligible SME will receive a maximum of N25 million while qualified households can access a maximum of N3 million each.
Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.
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Financial Services
Jim Ovia is set to earn N9.58 billion in dividend for FY 2020
The highly revered banker is the single majority shareholder of Zenith Bank as he directly owns 3,546,199,395 units of the fast-rising bank stock.
Published
1 day agoon
February 24, 2021
The founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia is expected to earn a massive sum of N9.575 billion in dividend for the financial year ended December 2020
The highly revered banker is the single majority shareholder of Zenith Bank as he directly owns 3,546,199,395 units of the fast-rising bank stock out of the 31,396,493,787 ordinary shares available. This gives him an 11.29% direct interest in the Tier -1 bank.
It’s however important to note that such dividend is subject to a 10% withholding tax in Nigeria.
READ: Is Zenith Bank thriving on the strength of sound financial indices?
Recall that about a day ago, the Board of Directors of the bank in a statement released via the Nigerian Stock Exchange proposed a final dividend of N2.70, amounting to a total payout of N3.00 per share for the financial year 2020 (interim: N0.30).
This proposal reflects the past year’s robust performance and appears to signal that Zenith bank remains well-positioned to perform in the current financial year. However, there was a lower payout ratio at 40.9% compared to FY’19 (42.1%).
- Key earnings drivers to the financial year performance under review were a 90 basis points drop in the cost of funds to 2.1%, which propelled net interest income (+12.2% YoY) and a 3.8x jump in revaluation gains to N43.4 billion.
- These offset pressures from operating costs (the cost to income ratio rose 1.2ppts to 50.0%) and impairment charges (cost of risk rose 40basis points to 1.5%)
READ: Jim Ovia: From a clerk to founder of Nigeria’s most profitable bank
Described as the ‘Godfather of banking in Nigeria’ by Forbes Africa, Jim Ovia is quite popular for his business dexterity and leadership skills, especially in the banking sector.
His early interest in technology was the reason Zenith Bank became the first Nigerian company to have a functional website in 1995 and was able to smoothly migrate its operations from analog times to a digital era.
From a single branch in a residential building, Zenith Bank now has hundreds of branches all over Nigeria and several subsidiaries in other countries. The bank became a Public Limited Company in 2001 and was listed on the Nigeria Stock Exchange (NSE), and later on the London Stock Exchange (LSE).
On the 27th of April 2007, Zenith Bank Plc became the first Nigerian bank in 25 years to be licensed by the UK Financial Services Authority (FSA), giving rise to Zenith Bank UK Limited.
Financial Services
Zenith Bank declares final dividend of N84.8 billion for shareholders
Zenith Bank declares final dividend of N84.8 billion for shareholders for 2020.
Published
2 days agoon
February 23, 2021
The Board of Directors of Zenith Bank Plc has announced the payment of a final dividend of N2.70 for every share of 50k held by shareholders, amounting to a total of N84.8 billion for the year ended 2020.
This is according to a disclosure signed by the company’s secretary, Michael Osilama Etu and sent to the Nigerian Stock Exchange.
According to the notification, the final dividend will be paid electronically to shareholders on the 16th of March, 2021, subject to appropriate withholding tax and approval from the Company’s Annual General Meeting. Other pre-requisite conditions for payment are;
- Only shareholders whose names appear in the registrar of members as at the close of business on 8th of March, 2021 will be considered.
- Shareholders must have completed the e-dividend registration and must have mandated the Registrar (Veritas Registrar Limited) to pay their dividends directly into their bank accounts.
- In lieu of this, it is pertinent to note that the register of shareholders will be closed on 9th of March, 2021.
Zenith Bank Plc had earlier paid an interim dividend of 30k to its qualified shareholders on 22nd of September, 2020, thereby raising the total dividend declared by the financial giant in 2020 to N3.00, indicating an increase of about 7.1% when compared to the total dividend of N2.80 declared in 2019.
What you should know
- Zenith Bank reported a profit before tax of N255.9 billion for FY 2020, indicating a growth of 5.2% YoY
- It also posted a Profit After Tax figures of N230.6 billion for the period under review, indicating a growth of 10.4% YoY.
- It has total shares outstanding of 31,396,493,787 and officially closed trading today with a share price of N26.
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Peter obatowose
June 9, 2020 at 12:27 am
Please what about the people that have submitted there guarantors form and collateral documents and have not received any further information or notice for the loan.
Iheanacho Ifeyinwa glory
June 9, 2020 at 11:01 am
I have submitted my application and my account details till now I have not received any massage on my email to know if i am eligible or not
Samuel Amantem
June 12, 2020 at 2:03 pm
Good day sir/madam, thks for good job you are doing, please send me the websites to apply for the cbn covid loan, l have been trying since but no way
Henry
June 13, 2020 at 11:48 pm
I had applied for loan no show since 21 05 2020
usman Idris Mahmud
June 16, 2020 at 7:49 am
Please how can I apply
Emmanuel Chukwuebuka
June 19, 2020 at 4:07 pm
please how did you apply
Musa sule
June 26, 2020 at 9:01 am
I need loan for business. I want to started block industry here in Abuja. Plz i need up-to 1.5millon
Salihu Abbas
June 13, 2020 at 5:48 pm
Pls guys which website am I to used to apply for the loan
Mujidat oyekunle ige
June 29, 2020 at 9:18 am
Please, how can I apply for the loan
Abdullahi Yusuf
June 15, 2020 at 1:59 am
are no see massage in my phone or email
Gbolahan Obadimeji Philips
June 19, 2020 at 4:08 pm
Can someone send me the link to the form? I have tried several times even the Microsoft aspect is problematic
Aminu Mohammed
June 29, 2020 at 11:35 am
I have submitted my application about two weeks ago,no message not notification about household loan
ALAMIN HUSSAINI
July 6, 2020 at 12:29 pm
Account name: Hussaini ALAMIN
Bank : JAIZ BANK
ACC NO : 0005027477
BVN NO: 22286454106
Anonymous
June 26, 2020 at 2:46 pm
How can I apply please
Anyike David
July 1, 2020 at 9:26 am
We need more opportunities to be giving to many Nigerians to apply for this loan.
Ehiowemwenguan Augustine
June 9, 2020 at 8:21 am
How can fg demanded such collateral from people he claim to help,is every body especially Nigeria farmers have people as level 12 up ward and above to stand as collecteral before an loan can be granted.Do you known we apply for covid 19 loan, after paying #3000 for process,we where told to go bring our mobility documents,our gaurantor Bvn and guarantor from level 12 upward to stand for us. Over a month now we applied until now we are still looking for gaurantor inlevel 12 and above,and they are not ready to release their Bvn even calling us 419.
Uthman El-yazaki
June 17, 2020 at 3:44 pm
Can Someone please send me the website for the covid-19 loan application?
Yekeen sikiru kayode
June 9, 2020 at 10:24 am
There have send me approval message in my SMS box,I enter my browser to confirm it, there tell me to check back later… Please help me find solution sir..
Anonymous
June 9, 2020 at 10:47 am
What of the case whereby you are told that you are receiving the loan on a 9% interest rate at a center. That is if you’re going for #500,000 loan,you will be paying #45000 as monthly interest. Then #45000 in 12 months is #540,000 and in 3 years when the loan elapses, you are paying #1,620,000 as interest for a #500,000 loan. This is too much na!!!. Some years back, financial aid given to Farmers by fg usually where at very low or no internet rate. The interest payable for #500,000 in 12 months is more than the principal amount. How will people be able to pay that. Fg should look into this ooooo
Comfort Emiola
June 9, 2020 at 2:21 pm
I submitted my own form on 16/05/2020 and they acknowledged receiving my form and.promised to get back to me in short time,, but yet to hear from them again, I don’t know what step to take now again
Emmanuel Bassey Udoh
June 13, 2020 at 4:12 am
I think you are not getting the whole thing here, the interest rate is per Annual not monthly, the interest rate is 5percent for a year, that’s if you pay back the loan in one year, but it exist one year their interest rate will increase to 9percent per annual. So check out your calculation.
Commy
June 9, 2020 at 11:03 am
What is fg saying about the interest rate which exceed the principal amount payable in 12 months. I.e #500,000*9%=#45000.#45000*12 months=#540,000*3years=#1,620,000. I use to think that aid given to Farmers where usually at very low or no interest rate.
Anonymous
June 9, 2020 at 10:27 pm
I think the rate is 9% par annum not monthly,so check your calculation
Chris Omekwe
June 9, 2020 at 3:32 pm
A regular Nigerian news browser or searcher, I’m disappointed that the information of the availability of this loan was not adequately disseminated. Is it too late now :this piece didn’t even say if applications are still invited and how and where to apply to
Realist
June 9, 2020 at 3:45 pm
They already know where and who will receive what. The process is loaded heavily with political undertones. The arrangements is just a decor to fool the rest of us. If my observation is incorrect, let CBN published all beneficiary after the disbursements.
Adebanke
June 9, 2020 at 10:22 pm
I applied for the loan, but my account number was not requested.my form was acknowledged to have been received and promised to get back shortly since 2/6/2020. Please, what is the next line of action. Thanks
ADAMU GLORY
June 10, 2020 at 11:10 pm
They requested for my account details but i logged out to imput the information, they rejected me and said my Ive already submitted.
Nsarum
June 11, 2020 at 8:08 am
My candid advice to every person in leadership is to transparent in whatever scheme that is rolled out in order foster trust in the mind of the followers, knowing that every thing you’re gathering here on earth is vanity. I can’t envy you greed and myopic leader who is acquiring everything, both the one that is meant for the poor.
Collins
June 12, 2020 at 5:27 pm
Pls sir/madam send me the website where I can apply for the loan. Thanks
Agasi Dennis
July 8, 2020 at 10:42 pm
I had applied for the loan, but I haven’t received any alert till now. I traveled and Quarantined on my way for two weeks some times last two months.
Aiyedun Okpeme Glory
June 13, 2020 at 9:32 am
Pls sir I need the web site and link to apply
Nwani Ejike Edmond
June 17, 2020 at 10:50 am
Please sir how can I apply for the loan?
Anonymous
June 13, 2020 at 3:39 pm
Please send the website or link to apply on the loan
Onyemere pet onye
June 16, 2020 at 10:18 am
Pls where can I apply for the loan.
Evang.comr.Mira Nwa God
June 16, 2020 at 11:16 am
Pls send the websites here so that people that want to key in will freely do so.and for the people in control of this money transaction, always know that GOD is watching in all you guys are doing tanks
Aondona Christopher
June 26, 2020 at 10:13 pm
I need a loan so that I can expand my card please.
EZEPUE MABEL OLUCHUKWU
June 16, 2020 at 5:00 pm
Please i applied since last month and attached my statement of account and i received their acknowledgement mail but up til now i have not heard from them again.
NSIDIBE obot
June 16, 2020 at 6:48 pm
What are the requirement.when you want to applied the covid19 loan directly with Central bank of Nigeria. If approximately we process it would it been possible to have it
Bello lawan
June 17, 2020 at 2:57 am
Please I need apply to this form,because i have venture business, provision enterprises,i am very eager to get assistance, because this lockdown was effect my business,
Cyrilnelson ogbonna
June 17, 2020 at 4:16 pm
I applied for the loan and they approved a certain account to be paid into my account but up till now I have not received the money and it’s over a week now since I submitted my account details online
Anonymous
June 18, 2020 at 9:30 pm
My brother the same thing with me oo
Edet Isangedighi
June 17, 2020 at 10:11 pm
For the past two weeks I have been trying to apply for the loan online but it has not been easy for me,am married and wife is currently pregnant she was teaching in private school before the outbreak of this global pandemic,my people it’s not easy on our side our plan now is to start up business we have a shop the main challenge is the finance to start up. We are ready to comply with the laydown rule until we pay off the capital. Please.
Ashiru sulaiman
June 17, 2020 at 11:12 pm
please I need to apply this form,I am fermer, that is maen purpose of loan
Idris tijjani ladan
June 18, 2020 at 1:48 pm
Please I need apply to this form because i have venture business plastics I am very eager to get this assistance because this lockdown was effect my business please sir
shu'aibu sabo
June 18, 2020 at 5:11 pm
Please I want apply jaw can I do?
David
June 19, 2020 at 1:47 pm
How can one apply
Emmanuel Oguori
June 20, 2020 at 9:07 am
Am Mr Emmanuel Oguori from Delta State,I want to use the money to register my oil and gas industry from Abuja, God bless Nigeria
Hussein muhammed
June 20, 2020 at 1:14 pm
How can I apply for the loan? Please I need the link.
abdullahi
June 20, 2020 at 3:50 pm
i want to apply but i dont know how to apply sir can you show me or tell how do i do
Justice James
June 21, 2020 at 1:31 pm
Justice James
Adavba Emmanuel
June 22, 2020 at 2:09 am
Pls is d household loan application closed
Yusuf abubakar
June 22, 2020 at 11:21 pm
I have applied since 17 June but no any information yet ,am I not qualify or what is the problem
Eze Blessing Rita
June 22, 2020 at 11:23 pm
How do I apply pls
Azeez Ibrahim Abiodun
June 23, 2020 at 12:31 pm
Good day!
My loan was approved and I have submitted my account details since on 13th of this month. Yet my account has’t been credited.
ONWE SAMPSON NWUBE
June 26, 2020 at 8:11 am
I applied,got a automated massage in my email but till now i have not gotten massage as regards to uploading my account number.
Anonymous
June 24, 2020 at 1:30 am
Please i want to apply for it ?
Aimasiko Abiodun R
June 25, 2020 at 1:37 pm
I thank God for the help u bring out sir/ ma, my question is like how many weeks are my to wait as I have applied for the from.
Thank you, God bless you.
Anonymous
June 27, 2020 at 4:31 pm
Pls
i want to apply for this loan this covid 19
Have effected my b nnes hw do go about it pls
Okachi Moses
June 27, 2020 at 8:39 pm
please help me out sir. I am a successful applicant .I have given my bank details but is about 96hrs now I have not received the credit alert. What do I do
Igbasanmi sunday
June 28, 2020 at 11:40 am
Pls sir which website because i want to apply for the covid-19 loan pls help me out sir.
Olaitan Kolawole
June 30, 2020 at 2:13 am
The website to apply is: https://nmfb.com.ng/covid-19-support/
You can try to apply, though I don’t know if they are still accepting new applications.
Anonymous
September 7, 2020 at 4:24 pm
Iam Ahmad Muhammad help me Sir I want start business help me with some money
Olamijulo Catherine
June 30, 2020 at 6:19 pm
I have tried to apply for the loan but its not opening. I want to be a beneficiary of this covid-19 loan. To support my business. Please help me
Adeniyi Adeyemi Emmanuel
July 28, 2020 at 4:56 pm
I have been trying to apply through covid19.nmfb.com.ng but at the stage where my bvn should be verified, it kept telling me “this bvn does not exist”. And therefore i couldnt proceed. What really is the problem? I really need this fund.